In the age of rapidly changing business conditions, rising regulatory pressures have added to the overheads involved in addressing and managing escalating compliance and risk issues associated with legacy banking systems. With budget constraints, and unpredictable market conditions and challenges, banks are constantly focusing on improving operational efficiency.
GRC has come a long way by integrating the various diverse modules of risk, compliance, and governance to provide a holistic view of risks across the various siloed departments in a retail banking system. GRC serves as a tool to manage uncertainties and leverage opportunities that are in the best interest of banks.
